SibCoin Offers a Simple Cross-border Money Transfer Solution

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SibCoin, a Russia-based project known for developing a cryptocurrency that would be “close to people” has unveiled its new solution that seeks to make international money remittances easier for those inexperienced in modern fintech technologies.

Though the solution may be applicable anywhere in the world, its prime inspiration is the current situation with international money transfers between Russia and Ukraine.

In 2017, Russian president Vladimir Putin has signed a law that prohibits money remittances to Ukraine that use foreign payments processors. In addition to that, Russia’s government has prohibited all international money remittances without using a bank account.

This made such remittances virtually impossible as the Ukrainian government had banned all Russian payments processors not long before Mr. Putin’s decree. In 2016, Russia-based payments processors Gold Crown, Leader, Anelik, Unistream, WebMoney, Yandex.Money, QIWI Wallet and Wallet One were all banished from Ukraine. In late May 2017, all Yandex services were banned in Ukraine along with Russian social media and accountancy software 1C. All those measures have completely disrupted financial channels between the two nations.

SibCoin seeks to combine the simplicity of traditional payments methods that most people are accustomed to with the disruptive potential of cryptocurrencies that are capable of borderless remittances. This effectively creates a solution that requires minimal knowledge of cryptocurrencies on the sender’s side, and no knowledge of them whatsoever on the recipient’s side.

The solution works as described hereunder:

1) Sender from country A buys as much SibCoin as they need for local fiat currency (otherwise, they may use the cryptocurrency they already have in their wallet)

2) The sender specifies the recipient’s cell phone number in the SibCoin app and invents a password that the recipient has to use in order to receive the funds

3) The recipient receives a message with a link to the project’s website where they have to type the password previously received from the sender via a third-party messenger service or otherwise

4) At the website, the recipient chooses whether they wish to get the funds in cash or on a credit card, and then just receives it.

Notably, while the sender uses SibCoins, the recipient gets the local fiat currency, and therefore may not trouble themselves with studying the ways to cash a cryptocurrency, or have any notion of virtual money whatsoever.

“The service is universal and may work anywhere. Any exchange services may join in. There are lots of such exchanges, but there’s no simple scheme that could make this whole multitude simple and comprehensible for a regular user. That’s the scheme we’re trying to deploy. A phone number and a password are simple enough for any rookie, I believe,” SibCoin’s head developer Ivan Rublev said.

The solution above, however, requires partnership with local online exchange services that will convert SibCoins to fiat currency of a given country.

Such partnerships are yet to be established, so SibCoin invites all interested parties to come onboard.

About SibCoin

SibCoin is a Dash fork, employing additional encryption algorithms devised by Russian cryptographers. The coin’s adoption has been growing rapidly ever since the first block was mined in May 2015.

SibCoin is striving to become the driving force behind the consolidation of Russian blockchain community. Frequent community meet-ups are held in every large Siberian city and scores of cities in western Russia and neighboring countries.

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